New Delhi, Oct. 19 -- As India lights up for the festive season, the air is thick with excitement. While the festive period is essential for cultural and emotional connection, financial exuberance often leads to a severe post-celebration strain. With households poised to spend record amounts this year, the temptation to indulge is high, but so are the financial pitfalls that can derail long-term financial health. The key to a stress-free celebration is understanding the traps and planning a defence.

In the excitement of Diwali, Christmas and New Year's, people often focus solely on the joy of the moment and forget the financial consequences of overspending. January brings a series of unavoidable expenses such as school fees for the new a...